Brent oil price completes bearish pattern – Analysis – 24/05/2019

neft-l4Brent oil price traded with a strong negativity yesterday to break 69.62 level, and complete forming a double top pattern that appears in the image, which purs the price under an extra negative pressure that we expect to open the way towards extending the bearish correctional wave on the short term basis, pointing that the next target is located at 65.92.

Therefore, the bearish trend will remain expected in the upcoming sessions, conditioned by holding below 68.84 levels and the most important below 69.62, pointing that breaking the targeted level will push the price to 62.92 as a next main target.

The expected trading range for today is between 65.92 support and 68.84 resistance.

The expected trend for today: Bearish

Brent oil price completes bearish pattern – Analysis - 24-05-2019

Origin: Economies

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